Mortgage insurance provider Genworth claims it has the answer to the woes of the Government’s open market homebuy scheme.It is in talks with the Department for Communities and Local Government about funding the Government’s share of the scheme with insurance rather than with taxpayers’ money. Genworth believes it could insure the risk of homeowners defaulting in return for a premium paid by the Government. It says this could attract more lenders on to the scheme by reducing rates. Only Halifax, Nationwide and Yorkshire Building Society are part of the scheme to help first-time buyers, where buyers raise 75 per cent of the mortgage with one of the lending trio and the Government funding the remainder. Many experts believe rates will be higher than traditional market rates at present because of the increased risk of default. Genworth UK managing director for MI Tammy Richardson says: “The Government could purchase mortgage insurance to help the lender. It is less expensive than what they would have contributed and less risky for them.”
The AMI has found a way round the data protection blockade
Barclays has teamed up with Morley Fund Management to launch the Morley Barclays global cautious income fund, an Oeic that enhances income through the use of derivatives.
Platform has today announced that it will be launching its new online application tool clickapplication on Monday. It says the facility will save intermediaries time by enabling them to submit a full application through the companys website by also using its online pre-sale KFI and decision tool, clickKFI and clickdecision.In addition, to raise funds for […]
A war of words has erupted between campaigner Dr Ros Altmann and Work and Pensions Secretary John Hutton over the Government’s rejection of the Parliamentary Omb udsman’s report into pensions. Altmann has branded the Financial Assistance Scheme as “political spin” while Hutton has defended the FAS in an open letter to a national newspaper, saying […]
Most of us would agree that pensions were complicated enough before April 2015, but since the pension freedom changes came into effect it has got a whole lot worse.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]